https://www.taxtmi.com/highlights?id=83168 Reopening of assessment after four years is invalid as the recorded reasons do not mention any failure by the assessee to fully and truly disclose all material facts necessary for assessment. This is covered by the Supreme Court's decision in Canara Bank, where reopening beyond four years was held bad in law when the AO did not allege non-disclosure of material facts. Similar view in ACIT vs Virbac Animal Health India, dismissing the SLP against the High Court order that reopening after four years due to change of opinion was invalid. Regarding bogus purchases, the entire sales turnover is reflected in books, considered for profit determination, and subjected to taxation. VAT returns and output tax paid support the transactions. The assesse..... en-us Sat, 16 Nov 2024 08:38:49 +0530 Sat, 16 Nov 2024 08:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83168 Reopening of assessment after four years is invalid as the recorded reasons do not mention any failure by the assessee to fully and truly disclose all material facts necessary for assessment. This is covered by the Supreme Court's decision in Canara Bank, where reopening beyond four years was held bad in law when the AO did not allege non-disclosure of material facts. Similar view in ACIT vs Virbac Animal Health India, dismissing the SLP against the High Court order that reopening after four years due to change of opinion was invalid. Regarding bogus purchases, the entire sales turnover is reflected in books, considered for profit determination, and subjected to taxation. VAT returns and output tax paid support the transactions. The assesse..... Highlights Income Tax Sat, 16 Nov 2024 08:38:49 +0530 https://www.taxtmi.com/highlights?id=83168